Hi Day Traders,

You may remember a few weeks back I had an opening
for another student for my July 24-26 training 
session. The student who signed up for it just sent
me a nice thank you and he agreed that I could share
with you. I think you will find it interesting:

"I wanted to thank you again for the hospitality and
training earlier this week. Your techniques and
indicators are very helpful and your patience in
explaining them was terrific.

I sold {proprietary} this morning and had a very
profitable first day! Not only did your training
give me the tools to take that trade, it also gave
me the techniques to protect the day's profits.
I'm certainly not getting cocky, but I did want you
to know that my first day home was very profitable.

Thanks again."

Lee Robinson
 

Lee was referring to 7-27-2000 which you may remember
opened and went up over 10.00 points in just 15
minutes. 

His training gave him the confidence to sell an
important resistance level between 1474.00 and
1475.50. The high for the day was 1475.50 and the
September S&P sold off to 1456.00 in less than 20
minutes. We then had to patiently wait until about
11:00 EST and attempted to sell 1464.90. The market
began to show some indication that it might not get
there, so we moved our limit order down to 1463.90.
It finally did reach 1465.00 just after 11:20 which
was the high of that move. It sold off and finally
reached our target of 1459.20. I say finally because
it got down to 1460.00 soon after our entry, but it
was 30 minutes later before our target and eventually
1458.60, the low of the move, was hit. But since that
was the minimum target for us, we were patient.

This week's tip is that a big, fast move is usually
followed by a reaction and then a re-test of the
low or high that was created. But how did I know to
wait for and sell the 1464 to 1465 area?
I can't give you everything free can I?

But what about the first move up. It was big and
fast. Well, there is always an exception to the rule
occasionally. If there weren't, anyone could do this.

The first sell that Lee was talking about is beyond
the scope of this newsletter.

Yours for success,
Ellery Coleman

The trades referred to in this article are trades that were sent to our Choice Day Trades subscribers as they happened. We have no way to verify whether or not all or any of these trades were taken in real time since we did not take them in our account. Therefore they should all be considered hypothetical.

For questions or comments, call 478-922-9155, or
click here to email me.

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